【导读】财达证券（600906）副总经理赵景亮因个人原因辞职 公开资料显示，赵景亮，1978年12月出生，硕士研究生，特许金融分析师。2005年8月至2015年9月历任 中信银行金融市场部资金业务部交易员、金融市场部投资管理部投资经理、总经理助理；2015年9月至 2019年11月历任民生加银基金管理有限公司专户理财一部副总监、总监；2019年11月入职财达证券， 2020年2月开始任财达证券副总经理。 从去向来看，赵景亮拟担任国盛证券总经理。今年8月27日，国盛证券官网发布一则公示信息，根据《市 场化选聘国盛证券股份有限公司总经理工作方案》的要求，经资格审查、测试、组织考察、体检等环 节，赵景亮拟作为国盛证券股份有限公司总经理聘任人选。 又有上市券商高管，因"个人原因"辞职！ 9月16日，财达证券公告称，公司董事会于2025年9月16日收到副总经理赵景亮递交的《辞职报告》。因 工作变动原因，赵景亮申请辞去公司副总经理职务，并确认与公司及董事会无任何意见分歧。辞职后， 赵景亮将不在公司担任任何职务。 今年6月，国盛金控（002670）发布公告称，为加强新国盛证券经营管理层建设，根据有关部署要求，公 司将公开选 ...

Core Viewpoint - The resignation of Zhao Jingliang, Vice President of Caida Securities, due to personal reasons, highlights ongoing changes in leadership within listed brokerage firms [1]. Group 1: Resignation Details - On September 16, 2025, Caida Securities announced the resignation of Zhao Jingliang, who confirmed no disagreements with the company or board [1]. - Zhao Jingliang has a background in finance, having worked in various roles at Citic Bank and Minsheng Fund Management before joining Caida Securities in November 2019 [3][4]. Group 2: Future Prospects - Zhao Jingliang is expected to take on the role of General Manager at Guosheng Securities, following a public recruitment process initiated by Guosheng Financial Holdings [4]. - Guosheng Financial Holdings has been actively recruiting for key positions, indicating a strategic focus on strengthening its management team [5]. Group 3: Company Performance - Guosheng Securities reported a significant increase in financial performance, with total revenue of 1.136 billion yuan for the first half of 2025, up 32.10% year-on-year, and a net profit of 209 million yuan, up 369.91% [5][6]. - Guosheng Securities (standalone) achieved total revenue of 1.082 billion yuan, with net profit rising by 109.92% year-on-year [6].

9月16日，国盛金控盘中上涨2.05%，截至09:47，报20.45元/股，成交4.31亿元，换手率1.32%，总市值 395.72亿元。 资金流向方面，主力资金净流出3544.33万元，特大单买入1686.61万元，占比3.92%，卖出4740.84万 元，占比11.01%；大单买入9066.23万元，占比21.05%，卖出9556.34万元，占比22.19%。 责任编辑：小浪快报 今年以来国盛金控已经5次登上龙虎榜，最近一次登上龙虎榜为8月15日，当日龙虎榜净买入-3.72亿 元；买入总计6.18亿元 ，占总成交额比10.96%；卖出总计9.91亿元 ，占总成交额比17.56%。 资料显示，国盛金融控股集团股份有限公司位于江西省南昌市红谷滩区凤凰中大道1115号北京银行大楼 15和12层，成立日期1995年8月17日，上市日期2012年4月16日，公司主营业务涉及证券业务。主营业务 收入构成为：证券业务100.00%，其他0.57%。 国盛金控所属申万行业为：非银金融-证券Ⅱ-证券Ⅲ。所属概念板块包括：期货概念、互联金融、中 盘、金融科技、融资融券等。 截至8月29日，国盛金控股东户数13.38万，较上期 ...

Group 1 - The brokerage sector experienced a low opening but rallied, with Guosheng Financial leading gains at 4% and Dongfang Caifu rising over 1% [1] - The 300 billion yuan top-tier brokerage ETF (512000) saw a slight increase of 0.33%, with a trading volume exceeding 400 million yuan within half a day, indicating active trading [1] - Financial data for August revealed a year-on-year decrease of 600 billion yuan in household deposits, while non-bank deposits increased by 550 billion yuan, suggesting a shift towards the stock market [3] Group 2 - The number of new A-share accounts opened in August reached 2.65 million, a 35% increase from July, with average daily trading volume hitting 2.25 trillion yuan, surpassing levels seen in September 2024 and June 2015 [3] - The brokerage sector is expected to benefit from the active market environment, with continuous inflows into the brokerage ETF totaling 1.698 billion yuan over the last five trading days and over 7.6 billion yuan in the past 20 days [3] - Open-source Securities noted that the brokerage sector's valuation remains low, with institutional holdings being relatively low, highlighting the potential for growth driven by trading volume and policy factors [5] Group 3 - Dongwu Securities emphasized that the average valuation of the non-bank financial sector is still low, providing a safety margin, and the transformation of the brokerage industry is likely to create new growth points [5] - The brokerage ETF (512000) has surpassed 33 billion yuan in size, setting a new historical high, with an average daily trading volume of 957 million yuan, making it one of the leading ETFs in A-shares in terms of scale and liquidity [5] - The brokerage ETF passively tracks the CSI All Share Securities Company Index, encompassing 49 listed brokerage stocks, with nearly 60% of its holdings concentrated in the top ten leading brokerages [6]

Core Viewpoint - The restructuring of the brokerage industry is accelerating, with leading firms leveraging resource advantages while local brokerages like Guosheng Securities seek to break through and transform amidst challenges [2][3]. Company Development - Guosheng Securities, once in a development crisis, is now exploring a path to recovery through policy support and resource restructuring [3]. - The company has undergone significant changes, including being taken over by the China Securities Regulatory Commission (CSRC) in 2020 due to governance issues, and later being acquired by Jiangxi State-owned Assets [4][17]. - In February 2024, the CSRC approved the merger of Guosheng Securities into its parent company, Guosheng Financial Holdings, leading to the establishment of "New Guosheng Securities," which will become Jiangxi's first listed brokerage [20][22]. Management Changes - Recent management changes signal a transformation within "New Guosheng Securities," with the resignation of the general manager and the appointment of a new candidate, Zhao Jingliang, who meets the company's requirements [5][9][10]. Financial Performance - Guosheng Financial Holdings reported a revenue of 2.007 billion yuan in 2024, a year-on-year increase of 7.11%, and a net profit of 167 million yuan, marking a turnaround from previous losses [26]. - In the first half of 2025, the company achieved a revenue of 1.136 billion yuan, a 32.1% increase year-on-year, with a net profit of 209 million yuan, reflecting a significant growth of 369.91% [26]. - Guosheng Securities reported a revenue of 1.082 billion yuan in the first half of 2025, a 32.51% increase year-on-year, and a net profit of 243 million yuan, up 109.92% [27]. Business Structure and Challenges - Despite improved financial performance, Guosheng Securities faces challenges with an imbalanced business structure, where brokerage services account for nearly 60% of total revenue [30]. - The company has a high regional concentration, with approximately 70% of its revenue generated from Jiangxi province, indicating a need for diversification [35]. - The self-operated business segment has underperformed, with a revenue decline of 24.39% in the first half of 2025, highlighting the need for better risk management strategies [32][35].

Market Overview - The Shanghai Composite Index fell by 0.12% on September 12, with nine industries rising, led by non-ferrous metals and real estate, which increased by 1.96% and 1.51% respectively. The sectors with the largest declines were telecommunications and comprehensive, down by 2.13% and 1.95% respectively [1] - The non-bank financial sector dropped by 1.46%, with a net outflow of 81.38 billion yuan in main funds [1] Fund Flow Analysis - Throughout the day, the main funds experienced a net outflow of 53.64 billion yuan, with six industries seeing net inflows. The non-ferrous metals sector led with a net inflow of 2.168 billion yuan, followed by the construction and decoration sector, which had a daily increase of 0.96% and a net inflow of 721 million yuan [1] - In the non-bank financial sector, 83 stocks were tracked, with 11 rising and 70 falling. Among the stocks with net inflows, Zhongyin Securities topped the list with a net inflow of 57.6998 million yuan, followed by Electric Investment Capital and Guosheng Financial Holdings with inflows of 42.041 million yuan and 32.946 million yuan respectively [2] - The non-bank financial sector had 18 stocks with net outflows exceeding 100 million yuan, with Dongfang Caifu, CITIC Securities, and China Ping An leading the outflows at 1.188 billion yuan, 955 million yuan, and 729 million yuan respectively [2] Sector Performance - The non-bank financial sector's performance was characterized by significant outflows, with major stocks like Dongfang Caifu and CITIC Securities experiencing declines of 1.17% and 1.81% respectively, alongside substantial negative fund flows [2][3] - The detailed fund flow data for the non-bank financial sector indicates that many stocks faced significant outflows, with the top outflowing stocks including Dongfang Caifu, CITIC Securities, and China Ping An, all showing negative fund flow figures [2][3][4]

Core Viewpoint - The A-share market is experiencing fluctuations, with the brokerage sector showing mixed performance, but overall, there are positive indicators for the sector's growth potential due to increased trading activity and favorable policies [1][3]. Group 1: Market Performance - On September 12, the A-share market showed volatility, with the Shanghai Composite Index reaching a new high during the session [1]. - The brokerage sector, which had a strong performance previously, saw a slight pullback, with individual stocks like China Merchants Securities rising by 2.76% [1]. - The brokerage ETF (512000) experienced a price drop of over 1% at one point but showed resilience with a real-time transaction volume of 8.76 billion yuan [1]. Group 2: Sector Analysis - Analysts suggest that the brokerage sector may benefit from a combination of favorable capital, policy, and fundamental factors, leading to potential performance improvements [3]. - Open-source Securities highlighted that the brokerage sector's valuation remains low, with institutional holdings being relatively low, indicating potential for growth driven by trading volume and policy catalysts [3]. - Dongwu Securities noted that the non-bank financial sector has a low average valuation, providing a safety margin, and the transformation within the brokerage industry could lead to new growth opportunities [3]. Group 3: ETF Insights - The brokerage ETF (512000) has surpassed 33.6 billion yuan in size, setting a new historical high, with an average daily trading volume of 9.57 billion yuan this year [5]. - The ETF passively tracks the CSI All Share Securities Company Index, encompassing 49 listed brokerage stocks, with nearly 60% of its holdings concentrated in the top ten leading brokerages [5]. - The ETF serves as an efficient investment tool, balancing investments in leading brokerages while also considering the high growth potential of smaller brokerages [5].

Group 1 - The A-share market saw a significant rise in brokerage stocks, with Guohai Securities increasing by over 8% [1] - Other notable performers included Hualin Securities and Zhongyuan Securities, both rising by over 3% [1] - Several other brokerage firms such as Guosheng Financial Holdings, Pacific Securities, Changjiang Securities, Bank of China Securities, Southwest Securities, and Shanxi Securities experienced gains exceeding 2% [1] Group 2 - Guohai Securities reported a rise of 8.52%, with a total market capitalization of 30.9 billion and a year-to-date increase of 13.99% [2] - Hualin Securities increased by 3.96%, with a market cap of 46 billion and a year-to-date rise of 11.53% [2] - Zhongyuan Securities saw a 3.31% increase, with a market cap of 21.7 billion and a year-to-date rise of 8.81% [2] - Guosheng Financial Holdings rose by 2.95%, with a market cap of 37.1 billion and a year-to-date increase of 46.52% [2] - Pacific Securities increased by 2.92%, with a market cap of 33.7 billion and a year-to-date rise of 15.96% [2] - Changjiang Securities saw a 2.27% increase, with a market cap of 44.8 billion and a year-to-date rise of 21.61% [2] - Bank of China Securities increased by 2.24%, with a market cap of 41.9 billion and a year-to-date rise of 35.19% [2] - Southwest Securities rose by 2.11%, with a market cap of 32.1 billion and a year-to-date increase of 4.76% [2] - Shanxi Securities saw a 2.02% increase, with a market cap of 23.5 billion and a year-to-date rise of 5.35% [2]

责任编辑：栎树 A股市场券商股拉升，其中，国海证券涨超8%，华林证券、中原证券涨超3%，国盛金控、太平洋、长 江证券、中银证券、西南证券、山西证券涨超2%。 | 代码 | 名称 | | 涨幅%↓ | 总市值 | 年初至今涨幅%。 | | --- | --- | --- | --- | --- | --- | | 000750 | 国海证券 | 家 | 8.52 | 309亿 | 13.99 | | 002945 | 华林证券 | 1 | 3.96 | 460亿 | 11.53 | | 601375 | 中原证券 | + | 3.31 | 217亿 | 8.81 | | 002670 | 国盛金控 | | 2.95 | 371亿 | 46.52 | | 601099 | 太平洋 | | 2.92 | 337亿 | 15.96 | | 000783 | 长汀证券 | 资 | 2.27 | 448亿 | 21.61 | | 601696 | 中银证券 | 1 | 2.24 | 419亿 | 35.19 | | 600369 | 西南证券 | | 2.11 | 321亿 | 4.76 | | 002500 | 山西证 ...

Market Overview - On September 10, the securities sector declined by 0.25% compared to the previous trading day, with Guolian Minsheng leading the decline [1] - The Shanghai Composite Index closed at 3812.22, up 0.13%, while the Shenzhen Component Index closed at 12557.68, up 0.38% [1] Individual Stock Performance - Notable gainers included: - Pacific Securities: closed at 4.80, up 2.78% with a trading volume of 8.14 million shares and a turnover of 3.91 billion [1] - Changjiang Securities: closed at 7.93, up 1.41% with a trading volume of 906,100 shares and a turnover of 713 million [1] - Xinda Securities: closed at 18.82, up 1.29% with a trading volume of 409,000 shares and a turnover of 773 million [1] - Major decliners included: - Guolian Minsheng: closed at 10.97, down 2.75% with a trading volume of 996,200 shares and a turnover of 1.095 billion [2] - Dongfang Securities: closed at 10.86, down 1.18% with a trading volume of 962,000 shares and a turnover of 1.048 billion [2] - CITIC Securities: closed at 26.17, down 1.02% with a trading volume of 124,300 shares and a turnover of 327 million [2] Capital Flow Analysis - The securities sector experienced a net outflow of 1.301 billion from institutional investors, while retail investors saw a net inflow of 935 million [2] - Notable capital flows included: - Pacific Securities: net inflow of 270 million from institutional investors, but a net outflow of 150 million from speculative funds [3] - Changjiang Securities: net inflow of 103 million from institutional investors, with a net outflow of 65.54 million from speculative funds [3] - Xinda Securities: net inflow of 47.42 million from institutional investors, but a net outflow of 51.44 million from retail investors [3]